So What is a DP-3 Property Policy and Why Should I Purchase One?
June 7, 2011 Leave a comment
Why should one carry a DP-3 Policy? First of all, for those unfamiliar with a dwelling policy, the Dwelling Policy 3 is a policy used to insure private dwelling residential property. Occupation could include a homeowner who doesn’t qualify for an HO-3 or HO-5 policy, or if the property is being rented to tenants. A DP-3 is not designed for vacant properties.
The dwelling is insured under a replacement cost basis. DP-3’s vary company to company. Most companies include other structures coverage, of 10 percent of what the dwelling is insured for. Other coverages that can be endorsed and added to the policy include personal property, personal property full replacement cost, extended dwelling coverage, loss of use, law and ordinance, sewer back up, liability, medical payments and more.
For more information on insuring and buying a landlord insurance policy from us, please click here.
About Karen W. Schneider
Karen W. Schneider
Mark A. Schneider
